Qantas secures $628 million against aircraft fleet

Qantas Airways Ltd said on Wednesday it had secured A$1.05 billion ($628 million) of funding against its aircraft fleet to help strengthen its financial position as it grapples with a plunge in demand due to the coronavirus pandemic.
The carrier said it would stop international flying, cut its domestic network, place 20,000 employees on leave and look to raise cash against its fleet of Boeing Co 787s.
Qantas said it had A$2.95 billion of cash, another A$1 billion undrawn credit facility and a further A$3.5 billion of unencumbered assets available. Its net debt position of A$5.1 billion remains at the low end of its target range and it has no major debt maturities until June 2021, the airline said.